“We are concerned that there could be more downside to rents and capital values in the prime luxury segment,...

Nomura has warned Singaporeans not to believe the hype about a pick-up in the property market. In addressing some ‘half-truths’ about the Singapore property market, financial services group Nomura has warned the public not to believe the hype about a property pick-up in the city-state, reported CNBC . This comes as sellers and buyers search for cues on whether the market is close to the bottom. Data from the Urban Redevelopment Authority (URA) showed that private home prices fell 1.5 percent quarter-on-quarter in Q3 2016, its 12th consecutive quarterly decline and the biggest quarterly drop since the Global Financial Crisis in 2009. However, the first myth about the market was that private home sales had registered strong gains, said Nomura in a note. New private home sales, excluding executive condominiums (ECs), picked up in September, jumping 49.3 percent year-on-year a...